A credit union has opened up its services to corporate customers.
Housing association United Welsh is the first corporate saver with Caerphilly-town based Smart Money Cymru.
The not-for-profit organisation recently deposited £83,000 of savings into the ethical credit union.
The direct investment will help to support the credit union’s growth, tackle welfare reform, develop new products, and directly help the local community through various financial products.
Ian Gilbert, Chair of Caerphilly-based United Welsh said: “Austerity measures are starting to bite and this is a clear opportunity to support an already strong relationship. Smart Money Cymru has a huge role to play in helping our tenants deal with welfare reform and to tackle the blight of the pay day loan culture.
“The money is secure and we know it’s being used for the benefit of local people.
“The investment also felt like the right thing to do. Our values are closely aligned and the credit union is having a positive impact within our communities. I would urge other businesses to consider investing in their local credit union.”
According to Smart Money Cymru, recent changes to credit union rules has presented it with new opportunities in the business sector.
Keith Fletcher, Chair of Smart Money Cymru, said: “The ability to offer corporate accounts is a huge step forward for the credit union and we are extremely grateful for the support provided by United Welsh. We still have a lot to learn but we’re confident that the business community will help us to meet their financial needs in a way which will help them best and keep the money circulating where we all need it, here in the local community. A credit union is not just an option for the financially excluded and this investment from United Welsh is further evidence that we have moved a long way in a short space of time.
“Smart Money Cymru is covered by the same Financial Services Compensation Scheme as the banks and building societies which is why we are confident that this side of the business will grow rapidly.”